Annual Report 2013/14

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1 Annual Report 2013/14

2 Sales volume in tonnes Sales revenue in CHF million 2,000,000 1,600,000 1,200, , ,000 6,000 4,800 3,600 2,400 1, /10 Stand-alone Acquired cocoa business 10/11 11/12 12/13 13/ /10 10/11 Stand-alone Acquired cocoa business 11/12 12/13 13/14 EBIT in CHF million Net profit from continuing operations in CHF million /10 10/11 11/12 12/13 13/ /10 10/11 11/12 12/13 13/14 Stand-alone Acquired cocoa business Total Group Total Group Sales volume by Region in tonnes Sales volume by Product Group in tonnes 26% Americas 445,150 43% Europe 735,204 4% 27% Asia Pacific 64,322 Global Cocoa 472,090 27% 63% 10% Cocoa Products 472,090 Food Manufacturers Products 1,072,750 Gourmet & Specialties Products 171,926

3 At a Glance Our vision We are the heart and engine of the chocolate and cocoa industry. Our activities The Group is the world s leading manufacturer of high-quality chocolate and cocoa products. In the industrial chocolate market, we have a 40% market share in the open market. This means we are present in one out of five chocolate products consumed around the world. We operate 51 chocolate and cocoa factories worldwide and are present in 35 countries. As a business-to-business company, we serve the entire food industry, from industrial food manufacturers to professional or artisanal users of chocolate. Cocoa farming The Group s core activities Cocoa processing Manufacturing chocolate products Cocoa beans Cocoa liquor ~ 54% ~ 46% Cocoa powder Cocoa butter + sugar, milk, fats, others Powder mixes + sugar, milk, fats, others Compounds/ fillings 80% + sugar, milk, fats, others Chocolate couverture 3

4 At a Glance We are the world s leading, fully integrated chocolate manufacturer with a global presence and mastering every step from cocoa processing up to the manufacturing of chocolate products. Our value creation starts with the procurement of high-quality raw materials such as cocoa, sugar, dairy products, fats, nuts, dried fruits and other ingredients as well as packaging materials. As the Group does not own any cocoa plantations, we source our most important raw material directly through our well-established presence in cocoa origin countries from cooperatives, intermediaries and government bodies. We transform the cocoa beans together with the other key ingredients into a broad offering of high-quality, innovative cocoa and chocolate products. To accommodate price fluctuations, most of our business is based on a cost-plus pricing system, that passes on raw material costs directly to our customers. The integration of the cocoa business acquired from Petra Foods in June 2013 made us also the largest manufacturer of cocoa products. Everything the Group does has deep and strong roots in the company s five core values customer focus, passion, entrepreneurship, team spirit and integrity. These are visible in every part of our chain of activity from the sourcing of raw materials to the fulfillment of our responsibility towards all our stakeholders. Our values represent a mindset and way of doing business that is committed to generating sustainable earnings over time and creating of long-term value for all our stakeholders. Our way of working is characterized by strong teamwork throughout the organization. This includes not just employees, but extends to producers, suppliers, customers, consumers through to the communities where we operate and to our shareholders. 4

5 Strategy The Group aims to outperform the global chocolate market. Its ambitious growth strategy is based on four pillars: The Group wants to strengthen its position in the main markets of Western Europe and North America. The Group aims to unlock the full potential of emerging markets, and continuously evaluates how to enter new emerging markets. Implementing existing outsourcing volumes and strategic partnerships, as well as securing further outsourcing deals with regional and local food manufacturers, is an essential part of the business strategy. In parallel, the Group intends to further accelerate the growth of its Gourmet business. The Group is recognized as the reference for innovation in the industry. From its global innovation centers in Wieze (chocolate) and Louviers (cocoa), the Group focuses on developing unique capabilities and expertise in four discover areas: 1. Cocoa Science; 2. Authenticity and Permissibility; 3. Structure, Texture and Sensory; 4. New Process Technology. These are the areas that give the Group a competitive edge in the development of new product solutions and help the company to shape industry trends, anticipate and respond to customer needs. Cost Leadership is an important reason why, for example, industrial customers outsource their chocolate production to the Group. The Group is continuously improving its operational efficiency by upgrading technology and achieving higher scale effects through better capacity utilization, the optimization of product flows, logistics and inventory management, in addition to reducing energy consumption and lowering fixed costs. To safeguard the future of its business, the Group must contribute to making cocoa farming viable and attractive to farmers, today and tomorrow. The Group believes that cocoa production will only be sustainable when farmers earn an equitable income, engage in responsible labor practices, safeguard the environment and can provide for the basic health and education needs of their families. Sustainable Cocoa consists of three action areas: Farmer Practices to train farmers how to improve their yields, Farmer Education to teach the next generation of cocoa farmers, and Farmer Health to improve access to basic health care and education services. Expansion Innovation Cost Leadership Sustainable Cocoa 5

6 Five reasons to invest in Barry Callebaut 1. World leader in high-quality chocolate and cocoa products with a proven, focused and long-term oriented strategy Superior growth opportunities through strong positioning in outsourcing and long-term strategic partnerships with major food companies Leader in emerging markets with growing presence Recognized innovation leader Strong track record of sustainable and consistent earnings and cash flow generation

7 We are shaping the world of chocolate and cocoa. One in five chocolate products consumed around the world contains products from the Group even though our name is not mentioned.

8 Key figures Consolidated Income Statement for the fiscal year ended August 31, 2013/ /13 1,2 Change (%) in local currencies in CHF Sales volume Tonnes 11.8% 1,716,766 1,535,662 Sales revenue CHF m 23.4% 20.1% 5, ,884.1 Gross profit CHF m 20.7% 18.2% EBITDA 3 CHF m 24.0% 21.2% Operating profit (EBIT) CHF m 23.9% 21.4% Net profit from continuing operations 4 CHF m 12.3% 11.1% Net profit for the year CHF m 15.7% 14.5% Cash flow 5 CHF m 7.8% 5.0% EBIT per tonne 6 CHF 10.9% 8.5% Stand-alone Income Statement 7 for the fiscal year ended August 31, 2013/ /13 1,2 Change (%) in local currencies in CHF Sales volume Tonnes 2.9% 1,541,654 1,498,632 Sales revenue CHF m 13.0% 10.0% 5, ,756.4 Operating profit (EBIT) CHF m 7.6% 5.6% EBIT per tonne 6 CHF 4.6% 2.6% Consolidated Balance Sheet as of August 31, ,2 Total assets CHF m 14.2% 5, ,526.9 Net working capital 8 CHF m 24.4% 1, ,345.7 Non-current assets CHF m 5.0% 2, ,071.9 Net debt CHF m 18.2% 1, ,525.2 Shareholders equity 9 CHF m 6.4% 1, ,682.5 Shares for the fiscal year ended August 31, 2013/ /13 1,2 Share price end of fiscal year CHF 28.5% 1, EBIT per share 10 CHF 15.8% Basic earnings per share 11 CHF 4.6% Cash earnings per share 12 CHF 0.1% Payout per share 13 CHF 6.9% Consolidated Ratios for the fiscal year ended August 31, 2013/ /13 1,2 Economic Value Added (EVA) CHF m 6.9% Return on invested capital (ROIC) 14 % (3.9%) 10.5% 10.9% Return on equity (ROE) % (4.9%) 14.7 % 15.4% Debt to equity ratio % 11.2% 100.7% 90.6% 1 All key figures are based on the continuing operations except for net profit for the year, total assets and cash flow related key figures. 2 Following the revision of IAS 19 (Employee Benefits), certain comparatives have been restated to conform to the current period s presentation. 3 EBIT + depreciation of property, plant and equipment + amorti zation of intangibles (all from continuing operations). 4 Incl. non-controlling interest. 5 Operating cash flow before working capital changes. 6 EBIT / sales volume (from continuing operations). 7 Stand-alone numbers are consolidated figures adjusted for comparability reasons by the effects of the transaction and contribution of the cocoa business acquired from Petra Foods. 8 Other as of August 31, Employees 9,319 8,658 8 Includes current assets, liabilities and provisions related to commercial activities. 9 Total equity attributable to the shareholders of the parent company. 10 EBIT / basic shares outstanding. 11 Based on the net profit from continuing operations attributable to the shareholders of the parent company / basic shares outstanding. 12 Operating cash flow before working capital changes / basic shares outstanding. 13 Dividend out of paid-in capital reserves as proposed by the Board of Directors to the General Assembly of Shareholders. 14 EBIT x (1-effective tax rate) / average capital employed.

9 The Group is organized into different regions: Region Europe (incl. Middle East and Africa), Region Americas and Region Asia Pacific. The globally managed Global Cocoa is, like a Region, reported as a separate segment. The figures under the respective Regions show all chocolate sales, while the figures reported under Global Cocoa include all sales of cocoa products to third-party customers in all Regions. The Group s business can also be separated into three different Product Groups: Food Manufacturers Products, Gourmet & Specialties Products and Cocoa Products. Europe Americas Asia Pacific Global Cocoa Food Manufacturers, Gourmet & Specialties Food Manufacturers, Gourmet & Specialties Food Manufacturers, Gourmet & Specialties Cocoa Products 43 % of consolidated sales volume 26% of consolidated sales volume 4% of consolidated sales volume 27% of consolidated sales volume Volume growth vs. prior year (1.2%) +5.4% +9.3% +52.1% EBIT growth vs. prior year (in CHF) +5.3% +17.5% +0.4% +95.7% Share price development vs. Indices Rebased (in CHF) Cocoa price London Cocoa Terminal Market in GBP/tonne 1,250 1, Sept. 09 Sept. 10 Sept. 11 Sept. 12 Sept. 13 Sept. 14 Feb. 05 Feb. 06 Feb. 07 Feb. 08 Feb. 09 Feb. 10 Feb.11 AG Swiss Market Index Mid-Cap (SMIM) Swiss Performance Index (SPI) Euro Stoxx Food & Beverage Index Sep. 09 Sep. 10 Sep. 11 Sep. 12 Sep. 13 Sep. 14

10 Number of employees 9,319 Number of factories 51 Number of R&D projects 2,914 Number of new recipes launched 1,154 Farmers trained in good agricultural practices 99,000 Tonnes of sustainable cocoa sourced from our programs 84,000

11 The Group is the world s leading, fully integrated chocolate manufacturer with a global presence mastering every step from cocoa processing up to the manufacturing of chocolate products.

12

13 14 Interview with the Chairman and the CEO 20 Board of Directors and Executive Committee 22 Employees 28 Region Europe 31 Region Americas 33 Region Asia Pacific 35 Global Cocoa 37 Operations & Supply Chain 38 Innovation 41 Sustainability 50 Interview with the CFO 53 Financial Review 56 Consolidated Financial Statements Year Overview 136 Financial Statements of AG 146 Corporate Governance 168 Glossary 170 Contacts, Financial calendar and Forward-looking statements

14 Interview with the Chairman and the CEO A big leap in sales volume and profit The Group achieved another record year. The focus was on profitability which improved at a double-digit rate. A priority was the successful global integration of the cocoa business acquired in 2013 which boosted sales volume and already made a profit contribution in the first year. A lot of effort also went into structural investments, building the platforms that are necessary to successfully drive a larger and more global company. How would you assess the performance of in fiscal year 2013/14? Andreas Jacobs, Chairman (AJ) We achieved a convincing result with strong top- and bottomline growth. Strategically, the global integration of the cocoa business acquired in 2013 was a clear priority for us. Our journey towards becoming one company started with 181 global milestones; one year later, only 19 remain open. We also managed to turn the operating loss of the acquired cocoa business into a profit. We have not lost any key people or key customers, and the identified synergies started materializing. Of course, we need to further improve the profitability of this business. But we are on track. Juergen Steinemann, CEO (JBS) Our sales volume was boosted by the cocoa acquisition. But it was also well supported by our three growth drivers which are emerging markets, Gourmet and strategic partnerships, and reached 2.9% on a stand-alone basis against a global market growth of 2.3% 1. Capacity constraints, primarily in Western Europe, somewhat restricted our full growth potential. Recent investments in production capacity will now allow for further growth. Our increased focus on margin improvements has resulted in strong EBIT and net profit growth. I am very satisfied with this performance and grateful to our team of over 9,300 dedicated people for their tremendous work. AJ I would like to join Juergen and thank all our colleagues for their outstanding performance as well as our customers and shareholders for their continued trust. 1 Source: Nielsen, September 2013 August 2014 (volume growth; chocolate confectionery market). 14

15 Our annual strategy review concluded that our four-pillar strategy based on Expansion, Innovation, Cost Leadership and Sustainable Cocoa still fits us. Actually, if we sharpen our focus, it will serve as a platform for further growth. Andreas Jacobs, Chairman of the Board of Directors I am very satisfied with our performance and grateful to our team of over 9,300 dedicated people for their tremendous work. Juergen Steinemann, Chief Executive Officer 15

16 Interview with the Chairman and the CEO The acquisition of the cocoa business from Petra Foods has added more than 1,800 new colleagues and 7 factories on 4 continents. How are you managing this much larger and more global company? JBS Indeed, our company has become more global with about one in two of our colleagues working in emerging markets, or a cocoa origin country, and serving a worldwide customer base. Hence, we are introducing more global standards across our businesses. In parallel, we have embarked on a number of global platform activities to strengthen our core. One example is project Spring which we implemented over the last three years in Western Europe with the aim of enhancing our leadership in customer service. Another example is HR for Growth, a strategic project focused on attracting, developing and empowering talented people in our organization. Do you see the need to adapt your corporate strategy? AJ Our annual strategy review concluded that our four-pillar strategy based on Expansion, Innovation, Cost Leadership, and Sustainable Cocoa still fits us. Actually, if we sharpen our focus, it will serve as a platform for further growth. We have defined ongoing initiatives, such as the continued push for growth in emerging markets, further strengthening our sustainability programs, or investing in our talent development programs. Beyond these, we came up with a number of shaping initiatives strategic actions that are partly new and partly require a renewed effort, like differentiating our core products and services, growing in compounds and fillings or becoming the preferred cocoa products supplier. Is outsourcing still one of your growth drivers? JBS Absolutely, the trend is ongoing. We gained various long-term partnership agreements with regional leaders around the world, have expanded existing supply agreements, and see future opportunities, especially in emerging markets. Outsourcing strengthens our volume expansion. Gourmet, on the other hand, boosts our profitability. The emerging markets show far stronger growth rates in the consumption of chocolate and cocoa products than the developed markets. Our growth is based on the combination of these three main drivers. 16

17 Interview with the Chairman and the CEO Cocoa prices increased around 25% during the year. What is the impact of these price hikes? JBS Good harvests in the two most important origin countries, Côte d Ivoire and Ghana, turned the 2013/14 season into a slight surplus. Regardless, the bullish momentum prevailed. It has been fuelled by fears related to the outbreak of Ebola in some West-African countries bordering Côte d Ivoire and Ghana, El Niño forecasts and a potential cocoa shortage by 2020, as well as financial speculation. As we pass on raw material prices to customers for the majority of our business in line with our cost-plus model, the impact on our profitability is limited. But the higher cocoa prices have inflated our net working capital. Cocoa sustainability is firmly embedded in your corporate strategy. Can you see progress? AJ We need to make cocoa farming sustainable, and we will. The first CHOCO- VISION stakeholder conference initiated by us in 2012 has inspired the senior business leaders of the world s largest cocoa and chocolate companies to coordinate and align their cocoa sustainability efforts under the umbrella of the World Cocoa Foundation in order to increase their impact. This resulted in Cocoa- Action, a commitment by industry and cocoa producing country governments to work together towards a truly sustainable cocoa industry. I am personally very pleased that is a driving force behind CocoaAction, and I fully support our CEO in his new role as Vice Chairman of the World Cocoa Foundation. JBS What we need is more impact. Our global sustainability team of nearly 60 people has just redesigned our own initiatives such as the Quality Partner Program, modeling them on the two main pillars of CocoaAction, the productivity package and the community package. In alignment with CocoaAction, we will monitor and report on the impact achieved, so that we will meet our collective industry commitment to bring 300,000 farmers to a successful professional level. In addition, we will expand our own programs. 17

18 Interview with the Chairman and the CEO What is your outlook amid increased geopolitical risks and decreasing global economic forecasts? JBS We are cautiously optimistic. Based on our proven strategy, the structural investments we have made and the global platforms we have built, we see many opportunities along our three growth drivers: The first outsourcing volumes from Chile and from other new or extended outsourcing agreements will come in. Gourmet remains a strong profit growth contributor. The emerging market growth story is intact. We will keep a strong focus on tight cost controls and margin improvements. And let s not forget our strongest assets our people. Together, we are striving to continue to outperform the global chocolate market. All this gives us the confidence to confirm our mid-term guidance 1. 1 As of consolidation of the acquired cocoa business: 6 8% average volume growth per year, and EBIT per tonne restored to pre-acquisition level by 2015/16 (CHF 256 per tonne) barring any major unforeseen events. 18

19 After the integration of the acquired cocoa business from Petra Foods into the Group in June 2013, we are now the undisputed global leader for chocolate and cocoa products.

20 Board of Directors and Executive Committee Board of Directors Additional information: organization The Board of Directors proposes to the Annual General Meeting of Shareholders that Juergen Steinemann be elected as new member and Vice Chairman of the Board of Directors. Furthermore, the Board of Directors proposes Ms. Wai Ling Winnie Liu as new member of the Board of Directors, succeeding Ajai Puri who will step down. Fernando Aguirre James L. Donald Andreas Schmid Vice Chairman Nicolas Jacobs Jakob Baer Andreas Jacobs Chairman Ajai Puri (until December 10, 2014) Timothy E. Minges 20

21 Board of Directors and Executive Committee Executive Committee Additional information: executivecommittee David S. Johnson CEO and President Americas Juergen Steinemann Chief Executive Officer Dirk Poelman Chief Operations Officer Steven Retzlaff President Global Cocoa Victor Balli Chief Financial Officer Peter Boone Chief Innovation & Quality Officer Massimo Garavaglia President Western Europe 21

22 Employees Employees per geographic region: from continuing operations Growing talent 11% Employees per function: from continuing operations 41% 22% 26% Europe 3,844 Americas 2,386 Asia Pacific 2,071 Africa 1,018 Number of employees 9,319 11% 53% 36% Management 1,005 Office staff 3,383 Production 4,931 Number of employees 9,319 As our Graduate Trainee Program celebrates its 10 th anniversary with record applications, the Group continues to attract, nurture and empower the best talent and ensure the right people are in the right place at the right time. Graduate Trainee Program s Graduate Trainee Program is a key element of the company s strategy to attract young talent from universities and fuel its talent pipeline. In 2014, the Graduate Trainee Program celebrated its 10 th anniversary. In the last 10 years, the program has gone from strength to strength not just in attracting talent, but also growing globally minded employees for the company. The Barry Callebaut Group has so far successfully attracted 31 different nationalities to the program, and maintained a healthy male to female ratio of 1:1. As part of our employer branding efforts, we launched the program on various Social Media platforms and received a record number of applications, approximately 2,500. We also reached out to universities across Europe, Asia, and the Americas to further promote the program. The Group will continue to increase its geographic reach and expand it to additional strategic functions. HR for growth As part of HR for Growth, a strategic project focused on attracting, developing and empowering talented people in our organization, we successfully rolled out the new People Management Platform, SuccessFactors, across 76 entities and 32 countries. It introduces new tools to facilitate quick and effective hiring of talent to drive business value and enables access to state-of-the-art technology. The new process focuses on identifying individual development needs, improving feedback quality and strengthening leadership skills. The implementation of the new People Management Platform will bring consistency and transparency to the whole company and allow us to further develop today s workforce, understand our talent needs for tomorrow and prepare for the future. 22

23 Employees Reaching the next level The Group completed the first talent identification review with a one-day session with the Executive Leadership team to discuss global talent within our organization. A structured assessment approach using TalentQ, allows us to assess people and their capabilities when making hiring and promotion decisions. The TalentQ combined with an in-depth career discussion has provided the basis to termine individual development and career plans. At present, 55% of Management roles are filled internally. In 2013, the Gourmet & Specialties Product Group provided a platform to us to test the competency model. This is now being rolled out to the wider organization. 200 managers have been trained to use the competency model, in order to professionalize recruitment interviews, performance management discussions and individual development. Mobility is an important pillar of the Talent Management agenda. Consequently, the company is committed to ensuring that employees can gain the right experiences and that the right people are in the right place at the right time. It is imperative that our employees can develop and share best practices, are aware of cultural diversity and gain a better understanding of the markets in which we operate. We implement this in an equitable, consistent, compliant and transparent way. In fiscal year 2013/14, 85 employees were on international assignments in all regions. MARBACH PROGRAMS 2013/14 Training programs offered Leadership programs Management skills workshops Functional & skills workshops Executive Leadership Being the Boss Business Communications Leadership Challenge Delegation & Coaching Customer Focus Strategic Leadership Project Management Finance Source Negotiation Team Leadership Gender of employees: Male Female Number of employees 5,000 4,000 3,000 2,000 1,000 Age of employees: < > 50 Number of employees 5,000 4,000 3,000 2,000 1,000 Average seniority in years: Production Office staff Management Production Office staff Management 3 locations Marbach (Germany) Chicago (USA) Singapore (Singapore) Total 2013/14 15 programs 4 programs 2 programs 21 programs Europe 8.92 Americas 8.04 Asia Pacific 4.01 Africa participants (38% women) from 46 sites and 25 countries 23

24 Excellence Award 2014 Rewarding peak performance The Excellence Award recognizes managers and their teams who are willing to go the extra mile, who are putting all their passion into their work and, thus, have made a positive impact on the company in the past fiscal year. The six Excellence Award 2014 winners were nominated by their Presidents. For the third time, a Team Excellence Award was handed over, this year to America s Supply Chain team for their outstanding performance in delivering a highly effective and efficient supply chain, and strong quality performance across the board with product complaints down 57% and service complaints down to only 1.6%. Nicole Allen Director Customer Service Pieter Cool Director Supply Chain Ken Cotich Vice President OSCO Chris Dimambro Director Manufacturing North America Marc Ladd Director Engineering Doug Miscikowski Vice President Quality Assurance Dhruv Bhatia Managing Director India Joe Leah Manager Corporate Quality 24 For his instrumental role in building up and leading our business in India, for his passionate and hard work, and never-say-no attitude. For his enormous contribution to tightening the quality management system across the Americas, and for bringing structure and discipline to the search for quality improvements each and every day across our network.

25 Matthias May Cocoa Plant Manager Hamburg Lucas Quek Commercial Executive Cocoa Asia Pacific For significantly contributing to our volume growth during a challenging year for our cocoa business, and for passionately sharing his knowledge within the company. Nic Schraepen Region Controller Western Europe For his extraordinary dedication in successfully implementing the new job of Commercial Analyst for Region Western Europe alongside his normal job, and building up a strong team of commercial analysts in the sub-regions. Tom Van de Vyver Head of Global Treasury For coping with all aspects of what the past year was all about integration, growth, innovation, cost leadership and being a leader and ambassador, whilst also being at the helm of a newly formed management team. For successfully implementing the expansion of our financing programs and for successfully managing all global currency exposures, along with his team. 25

26 Chairman s Award 2014 The annual Chairman s Award recognizes employees who have been with for a number of years and have demonstrated outstanding performance at work, as well as a strong social commitment in their local communities. They are individuals who embody the values of customer focus, passion, entrepreneurship, team spirit and integrity. The Chairman s Award was inaugurated in 1995 by late Klaus Jacobs, the former Chairman of Jacobs Holding AG and founder of. Since then, the Chairman s Award has been given to a selected number of employees each year. In 2014, 13 employees from 11 countries received the award and were invited together with their spouses or partners to come to Switzerland to be handed over the award by Chairman Andreas Jacobs and CEO Juergen Steinemann. Agata Baldwin Łódź, Poland Roger Baur Zurich, Switzerland Steven De Vriendt Wieze, Belgium Customer focus. Passion. Entrepreneurship. Team spirit. Integrity. Every employee is an ambassador of our company. The reputation of our company, as well as our success in achieving our strategic goals, depends on each one of us. We expect all employees to show responsibility and good citizenship in business dealings, and to behave in ways that demonstrate our company values. These values and our belief that the best working environment is one built on mutual respect and trust are reflected in the Code of Conduct. Fabrizio Piscia Verbania-Intra, Italy Katia Renard Louviers, France Mustari Sujangi Port Klang, Malaysia

27 Odirley Enock Itabuna, Brazil Terri Fanz-Falzone Eddystone, USA Yanuar Dony Gunawan Bandung, Indonesia Gabriela Magalhães São Paulo, Brazil Vallérie Trottier St. Hyacinthe, Canada Arman Faiman Wahab Port Klang, Malaysia Werner Weber Hamburg, Germany 27

28 Region Europe Strong profit performance through focus on margin and product mix Sales volume decreased as a result of the Group s strong focus on product margins in our industrial business as well as capacity constraints. Again, the Gourmet business delivered a strong performance in a challenging market environment. Overall, operating profit (EBIT) kept its strong growth momentum. 735,204 2, tonnes 28 CHF m CHF m Sales volume Sales revenue EBIT 1.2% +9.4% +5.3%

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